All the headlines from our Errors Omissions Topic Page, ordered by recency.
Feb 25 2013 // It won’t be long before Mother Nature lets your customers know it’s time to get their boats out of storage and into the water. Other customers might decide it’s time to purchase that dream boat. Both of...
Feb 22 2013 // Out of Office ExpectationsDoes your voice mail tell callers you are out-of-office and will return their calls when you return? Of course it does. Does your email advise people emailing you when you are out that you are out...
Feb 19 2013 // There are many cyber insurance products available for purchase, and each is somewhat unique. Some products are more comprehensive than others. Some cyber insurance products are combined with insurance policies of another...
Feb 15 2013 // Do you put an expiration date on all your proposals? If not, when does the proposal expire? Some consumers, most usually commercial insureds, are arguing proposals without expiration dates are good forever. Without an...
Feb 11 2013 // Claims from the real estate and financial meltdown of 2008 are finally catching up to carriers in the lawyers professional liability marketplace, pushing rates up and eventually forcing out the short-term...
Feb 11 2013 // Rates for commercial lines insurance will continue to rise in 2013, thanks to above average losses, low investment returns and receding reserve releases. However, according to a report by Marsh, traditional signs of a...
Feb 8 2013 // Is it smart to sell insurance to prospects that do not speak English? In an earlier blog, I emphasized the need for employing bi-lingual CSRs if an agency is to sell insurance to people that do not speak English. Two...
Jan 30 2013 // Rates for commercial lines insurance will continue to rise in 2013 thanks to above average losses, low investment returns and receding reserve releases.However, according to a new report published by Marsh, traditional...
Jan 30 2013 // Do you always verify exposure changes at renewal? The genesis of a common E&O claim is when a commercial client changes their operations and the agency does not catch this at renewal. These claims can be property or...
Jan 28 2013 // The Hanover Insurance Group, Inc. is enhancing its technology product suite to build on the company’s suite of specialized products for small to mid-sized technology companies, with a focus on its errors and...
Jan 28 2013 // More often than not, a second wave of claims against insurance agents by their clients follows a natural disaster.For the most part, the types of allegations and claims that surface after a catastrophe are the same as...
Jan 28 2013 // For as long as the insurance industry has been around, the excess and surplus (E&S) lines marketplace has served a vital role in writing difficult-to-place, specialty business for which admitted markets don’t...
Jan 23 2013 // Do you have standardized procedures? One of the terms key to understanding E&O exposures is, “invariable practice.” In other words, does the agency invariably follow the same procedure every time? The point...
Jan 18 2013 // Ryan Specialty Group’s (RSG) ThinkRisk Underwriting Agency and Aspen US Insurance have entered into a new underwriting partnership. ThinkRisk will transition its existing converging risk program –specialized errors...
Jan 16 2013 // Knowledge. E&O risk management knowledge can be generally divided into two categories. The first category is coverage knowledge. The second category is procedure knowledge. Coverage knowledge has always been important...
Jan 14 2013 // Many advisors suggest agents simply jettison small commercial accounts. But sometimes small is good. When small accounts are processed and serviced efficiently, these books can be much more stable in tough times than a few...
Jan 9 2013 // Know Your Binders. Improperly written binders are one of the most significant exposures agencies have to being sued by their own carriers so knowing how to write binders correctly is imperative. One of the issues is...
Jan 8 2013 // More often than not, a second wave of claims against insurance agents by their clients follows a natural disaster.As parties find themselves without the coverage they expected after a catastrophe, it appears to be a...
Jan 2 2013 // The insurance industry has wrestled with the best way to respond to all the different privacy and security exposures businesses face in the current tech-heavy world. Since it first came out in the late ’90s, cyber...
Dec 21 2012 // Homeowners, businesses, and municipalities in the tri-state area continue to rebuild and rebound from Superstorm Sandy.Often, large-scale devastation and destruction are followed by lawsuits against individuals and...